Don't be fooled by California's PG&E bankruptcy.

[dixiegrrrrl]

A lot of people do not realize that a business bankruptcy is so different than a indiv. person's bankruptcy, and this mis-understanding can be seen in all the scathing comments aimed at Trump's multiple bankruptcies.
He called it a smart move, and he was correct.

business bankruptcies allow a company to screw the people they owe money to while keeping money for itself/company leaders.

In trump's case, years ago, Wilbur Ross, then one of the owners of Bank of Cyprus, arranged for Trump to have 450.000....a MONTH...
when he bankrupted the casinos. ( casinos now reported to be used for money laundering).
The business people he owed $$$$ to got nothing.

Back in early 2000, PG&E was charged with scamming Cal. residents on power bills. Enron was involved, but that was not known till later.
When finally investigated and charged, PG&E simply divided itself into 2 entities. One entity held all the debt, the other held all the $$$$.

Guess which one went bankrupt?

They can, legally, do it again, cause Congress wrote and re-wrote the bankrupt laws for that purpose. The CEO and board members will walk away with millions. Just watch.

[Wounded Bear]

1. Yeah, it is easy to smell a scam coming...

meanwhile, all the people that got burned out continue to suffer.

[dixiegrrrrl]

6. as do all of PG&E customers

https://www.democraticunderground.com/111684603

[TexasTowelie]

2. The one thing that I've taken away from the corporate world

is that if your paycheck is more than two weeks late then it is time to find another job. I believe that the maximum that an employee can receive for unpaid wages is about $15,000 (the amount is adjusted for inflation).

[Wellstone ruled]

3. You are right about finding a new job.

I jumped at the end of week one. Had seen this before and all the same crap was in place. See ya Sucker!

BTW,PG&E BK is all about dumping Liabilities as well as Pension obligations.. Reason I mention Pension's is,there was stories about their Short Fall in maintaining their obligations.

[barbtries]

4. years ago, 80s or 90s

I took a tourist boat around Morro Bay - when we passed by PGE, the captain said, "Pacific Graft & Extortion"

the more things change the more they stay the same it seems. Fire victims and customers deserve so much better.

[wasupaloopa]

5. The company is not going away. I think that some of the fires are PG&E's responsibility

and they don't want to have to get a big fine or penalty.

[maxsolomon]

7. Socialize the cost, privatize the profit

American Finance in a nutshell